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Western Digital (WDC) Stock Tanks on Weak Q3 Results

NEW YORK (TheStreet) -- Western Digital (WDC - Get Report) stock is retreating 13.14% to $40.01 on heavy trading volume on Friday afternoon after the data storage company reported lower-than-expected financial results for the fiscal 2016 third quarter.

After yesterday's market close, the Irvine, CA-based company posted earnings of $1.21 per share for the quarter ended April 1, missing estimates of $1.29 per share.

Revenue dropped 20.6% year over year to $2.82 billion for the latest quarter, falling short of estimates that called for...